SAC's Cohen - left every employee in the lurch - now asking employees not to talk.

Pekelo · May 24, 2013

Quote from piezoe:

in the case where two or more explanations are consistent with facts, the simplest will nearly always be the correct one.
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So in Cohen's case, since insider trading was also known in HF circles as the Cohen edge, the simplest explanation is that yes, his HF actually did insider trades.

Case closed... No conspiracy needed.... Now the big screw up was that they paid 600 mill so the allegations would go away, except they forgot that there are both civilian and criminal charges/courts....

piezoe · May 24, 2013

Yup, that's what it looks like.

zdreg · May 24, 2013

Quote from piezoe:

<font color="009900">On the Possibility, Indeed the Probability, that Aliens from Another Universe, Have Conquered Time Travel, Visited Planet Earth, and Injected Government Agents with a Serum that Raises their Political Ambition to Levels Hitherto Unknown</font color="009900">

There are those who's inclination is to see conspiracy in government actions. All that conspiracy requires is that two or more persons work together to carry out an illegal act. So conspiracy, by its definition in law, surely must be fairly common.

I believe in Ockham's razor however. So I will naturally gravitate toward explanations for events that are consistent with what is already known as fact, and if two or more possibilities exist to explain how something has happened, I will accept the simpler as being more likely.

There are those who obviously don't pay much heed to this principle of William Ockham. And in their defense, I know of no rigorous proof of its efficacy having ever been offered. (This, however, would be fertile ground for a Rutgers Economics Ph.D. Dissertation. One could start with the Second Law of Thermodynamics, and press-on to fill a number of pages with Jacobian matrices. )

The fact of the matter is, however, that in countless examples from everyday life we find that Ockham's razor holds true. When I read, therefore, the comical assertion of he who would want me to believe that the government is pursuing hedge fund gurus because money is needed to put down against the deficit, I am filled simultaneously with both glee and disbelief. I am tempered in my laughter by the recognition that if someone outside of government could believe in the absurd, then obviously someone inside the government could as well. But then, once this tempering subsides, I return to my hilarity.

One can read nearly anything in the hallowed threads of ET. And who among us has not experienced a wayward finger heading toward the submit button, sometimes not to be stopped in time? -- "Guilty as charged, Your Honor."

Mr. zdreg is the one responsible for the laughter that visited itself upon me this morning. I am hoping in all sincerity that his remark is yet another example of a "wayward finger incident", "wfi" if you prefer, and not --God help us all! -- an intentional push of the button.
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" I am tempered in my laughter by the recognition that if someone outside of government could believe in the absurd, then obviously someone inside the government could as well. "

but it is beneath you, because of temperament or lack of talent, to show the lack of validity of the assertion.
obviously you are not familiar with ticket or arrest quotas by the police. perhaps because of the large sums of money involved you could not entertain the idea that hedge funds gurus are being pursued because of the large deficits destroying the US.
as willie sutton once replied why he robs banks that's where the money is.

" then obviously someone inside the government could as well. " THEN ACT UPON IT AND THEN IT IS NOT ABSURD,ANYMORE.

Pekelo · May 25, 2013

http://www.nytimes.com/interactive/...-trading-cases-at-a-top-hedge-fund-.html?_r=0

http://dealbook.nytimes.com/2013/05/23/4-sac-executives-subpoenaed-in-insider-trading-inquiry/

jem · May 25, 2013

wow... they say cohen has 9 billion of the 15 billion himself.
I am surprised he is still in this jurisdiction.

Go somewhere... start donating to democrats... give big to the Obama library get a pardon. That is how it worked with Clinton.
I see no reason to think Obama has a tougher standard.

StarDust9182 · May 28, 2013

Is there any irony here that expert (tattling) networks and insider (wiretap) trading are being used by the government to gain financial advantage (albeit not in the markets).

"Live by the sword, die by the sword"

brownpenny · Dec 19, 2013

SAC conviction yesterday.

SAC employee who cooperated will get a good deal. But if you're a former or current SAC employee, Cohen will sell you out in a NY minute.

nkhoi · Dec 19, 2013

Quote from brownpenny:

SAC conviction yesterday.

SAC employee who cooperated will get a good deal. But if you're a former or current SAC employee, Cohen will sell you out in a NY minute.
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Judge Sullivan set Mr. Steinberg free on bail until his April 25 sentencing. Mr. Steinberg faces a maximum of 85 years in prison, but will almost certainly receive a sentence of only a few years. Mr. Steinbergâs lawyer, Barry H. Berke, did not immediately comment on the verdict but is expected to appeal.
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All things considered, the profits outweigh the risks.

tradingjournals · Dec 19, 2013

"U.S. Attorney Preet Bharara said at a press conference that SAC was "a magnet for market cheaters", "

"FBI Assistant Director George Venizelos said in a statement, " SAC not only tolerated cheating, it encouraged it." "

http://www.cnbc.com/id/100900245

flytiger · Dec 19, 2013

Quote from tradingjournals:

"U.S. Attorney Preet Bharara said at a press conference that SAC was "a magnet for market cheaters", "

"FBI Assistant Director George Venizelos said in a statement, " SAC not only tolerated cheating, it encouraged it." "

http://www.cnbc.com/id/100900245
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I'm shocked, Why, I can't believe that a brilliant mind like Stevie couldn't legitimately return 40% a year on an exponentially growing asset base. I'll tell you, what's this world coming to.

Shame on the system, and all you apologists who for years let this scam perpetrate. In a zero sum world, he fucked a lot of people out of a lot of money. "Great Trader" my ass.